ST Telemedia has added three co-location facilities as part of its strategic investment in Tata Communications data centre business while CDL China has acquired a prime Shanghai commercial development.
ST Telemedia completes STT Tai Seng as part of 2nd phase of Tata Comms strategic partnership
ST Telemedia (STT), through its wholly-owned subsidiary ST Telemedia Global Data Centres (STT GDC), has added three colocation facilities at STT Tai Seng in Singapore as part of its joint venture (JV) transaction with Tata Communications. This was shared In a Monday announcement.
In May 2016, STT announced its intent to acquire a 74 per cent majority stake in Tata Communications’ data centre business in India and Singapore, with Tata Communications holding the remainder. The launch of STT Tai Seng completes the second phase of this strategic partnership, following the completion of the India data centre joint venture transaction in October 2016.
Together with its other two Singapore data centres, STT Defu and STT MediaHub, STT CDG is now one of the largest data centre companies in Singapore, operating five facilities totalling over 540,000 sq ft.
STT GDC CEO Bruno Lopez commented: “Singapore is our home market and we are encouraged and excited to see very strong market demand. With its interconnectivity and world-class infrastructure, Singapore is a key IT and innovation hub for Asia and the world. We anticipate continued strong demand for data centres driven by services like cloud computing and digital media. Singapore is a major centre in our data centre network connecting key global economic hubs.”
CDL China acquires prime Shanghai project in $131m deal
CDL China, a wholly-owned subsidiary of City Developments Limited (CDL), is acquiring a prime Shanghai commercial project, Meidao Business Plaza for a consideration of RMB 900 million ($131 million). This is through the purchase of the entire issued share capital of Shanghai Meidao Investment Co.
Meidao Business Plaza is a commercial development within the Hongqiao central business district (CBD) with a total gross floor area (GFA) of approximate 32,300 sq m. The development comprises five nine-storey office towers with sky gardens on their roofs and two levels of basement carparks.
Hongqiao Central Business District aims to attract large private enterprises and listed multinational companies (MNCs), with CDL estimating that more than 650,000 employees will work in the area by the end of 2020.
The property is in its final stages of construction and is projected to be completed within H2 2017. It has been approved for division into strata-titled units ranging from 237-522 sq m.
Mark Yip, CEO of CDL China, explains that China is part of the company’s key overseas markets for growth as part of CDL’s strategic diversification strategy.
“Adding to our portfolio in China, this is a rare opportunity to acquire a soon-to-be-completed commercial project in Shanghai that will further enhance our recurring income streams. It has a prime location in the Hongqiao Central Business District which has been identified for fast growth in the Chinese Government’s 12th five-year plan and is of strategic importance to Shanghai,” says Yip.